In a thriving economy, we are willing and able to pay more for the right product or service. We want the best of everything. However, if the economy takes a downward turn, we might find ourselves in a recession or combating inflation.
What can you do to ensure that your customers stay loyal to you?
Build customer relationships
The best way to keep a loyal customer is to build a strong, personal relationship with them. Call clients and prospective customers and strike up a conversation about the products or services they like best. Let customers know that you want to retain them as customers and help them through this downturn.
Add value for customers
The easiest way to retain customers is to be proactive and share your business’s value proposition. Create ways to add value for your customers. They don’t need to be extravagant – simply offer a new upgrade or provide additional features or functionality.
- Add more features to a valued product or service at the same price point
- Offer free training and resources
- Create an email campaign that provides tips and tricks, so clients get the most out of their purchase
- Post social media content that keeps customers loyal
Cut prices to keep customers
Products and services are priced so that a business can make a profit. If a loyal customer calls to ask for a price reduction, it is critical to understand their situation so you can understand how to approach a price change.
- Offer a discount for a set amount of time
- Offer a full billing deferral for a certain amount of time
- Offer a one-time discount
Set up a loyalty program
Create a loyalty program to reward your best clients and entice prospective customers.
- Offer a discount based on how long a client has been active with you
- Provide a reward that’s based on the number of past orders
- Add additional services at no charge based on loyalty
- Provide coupons or discounts on new purchases for loyal customers
Trencent specializes in loyalty programs, having delivered over $250 million dollars in rewards and over one-million cards shipped. Click here to learn more.